It's probably fitting that the U.S.'s first trillion-dollar company makes a product that most people don't leave their home without.

Apple Inc. (AAPL - Get Report) shares officially broke through the barrier on Thursday late morning when they surged past the $207.04 level. Based on the company's latest figure of 4.830 billion shares outstanding, that means Apple achieved a market capitalization above $1 trillion.

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But Apple had some competition in the race to hit the trillion-dollar milestone first. Amazon Inc. (AMZN - Get Report) has a valuation a little north of $870 billion, while Alphabet Inc. (GOOGL - Get Report) boasts a market cap of $848 billion and Microsoft Inc. (MSFT - Get Report) has seen its stock rebound to an $809 billion valuation.

China's PetroChina briefly soared past a trillion-dollar market capitalization in 2007 when it debuted on the Shanghai stock exchange, but it quickly fell below that vaunted mark subsequently.

Apple's latest impressive quarterly earnings report on Tuesday were behind its recent surge. Apple earned $2.34 per share on revenue of $53.27 billion, versus analyst expectations of $2.18 per share on revenue of $52.34 billion. Shares of Apple are up 22% year to date.

Speaking about Apple's June quarter report, Tim Cook said "We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth. Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline."